Technical indicators are casting a shadow over Polkadot, the blockchain interoperability stalwart. The token has dipped below the Ichimoku Cloud, signaling a clear downtrend. Adding to the bearish outlook, both the conversion line and the baseline of the Ichimoku indicator loom above the current price, intensifying the negative sentiment. Related Reading: XRP Whale Goes On Shopping Spree: 27 Million Coins Snapped Up As Price Dips Polkadot (DOT) is entangled in a fierce battle with a relentless bear. Once soaring high with its promise of connecting different blockchains, the token now grapples with breaching the stubborn $7 resistance level. Over the past two weeks, it has slipped to as low as $6.16, stirring unease among investors. A saving grace might be found in the proximity to the lower Bollinger Band, which hints at oversold conditions. This could trigger a short-term bounce if buying pressure surges. Holding The Line: $6.20 Support Zone In Focus The next few days could be pivotal for DOT. All eyes are glued to the $6.20 consolidation zone, which will likely determine the course of the coming battles. If DOT can successfully hold this ground, it could establish a base for a bullish reversal, especially if it manages to breach past the resistance at $6.30. However, a breach of this critical support level could lead to a demoralizing plunge towards $6.00 or even lower, if the bears tighten their grip. Analyst Sounds Bullish Trumpet Despite Bearish Symphony While the current market sentiment surrounding Polkadot seems bleak, there’s a sign of hope on the horizon.. Prominent crypto analyst Michaël van de Poppe sees a silver lining amidst the storm clouds. He views DOT’s descent towards the crucial support zone as a golden opportunity to accumulate the asset at a discount. $DOT reaching the crucial area of support and the area for accumulation. Given the upcoming RWA narrative and the large number of projects within the Polkadot ecosystem, this one is going to be a great mover in the coming years. pic.twitter.com/2ssYuzGJtZ — Michaël van de Poppe (@CryptoMichNL) June 15, 2024 This strategic play aligns with the burgeoning interest in Real World Assets (RWAs) and the ever-expanding universe of projects within the Polkadot ecosystem. Van de Poppe believes these factors, coupled with a potential breakout, could propel DOT towards significant growth in the years to come. Van de Poppe’s analysis identifies a critical support range for DOT between $5.67 and $6.11. He emphasizes the importance of establishing a higher low within this zone to maintain bullish momentum. The analyst also highlights two significant resistance levels that DOT must conquer for a triumphant breakout. The first hurdle lies around $9.30, while the ultimate test lies near $17.00, which would involve closing a price gap. Related Reading: Breakout Alert! Chainlink (LINK) On Verge Of Major Surge, Analyst Says Polkadot: Bumpy Ride Ahead? Polkadot’s short-term future appears uncertain. While technical indicators suggest a bearish bias, the analyst’s perspective offers a glimmer of hope for long-term investors. The $6.30 support zone will be the battleground where the fate of DOT will be decided in the coming days. If the bulls can successfully defend this territory, a potential breakout fueled by ecosystem growth and the RWA narrative could be on the horizon. However, if the bears breach this crucial support level, DOT might face a period of extended consolidation or even a deeper correction. Featured image from Shutterstock, chart from TradingView
The Web3 Foundation has launched a prize pool of 10 million DOT tokens, equivalent to approximately $65 million, to support the implementation of the highly anticipated Join-Accumulate Machine (JAM) upgrade to the Polkadot’s ecosystem. On May 27, Polkadot’s founder, Gavin Wood, revealed that the project’s community had ratified the proposed upgrade with a near-unanimous governance vote. JAM […]
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Polkadot Treasury has allocated 2 million DOT, valued at $14.4 million, to enhance the liquidity of the DeFi project Hydration, according to a June 10 statement shared with CryptoSlate. The project stated that the funds will boost the liquidity and efficiency of its single-sided liquidity provisioning platform, Omnipool. This latest funding aligns with Polkadot’s current […]
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The Polkadot community has approved the Optimistic Project Funding proposal to support projects that enhance the blockchain network’s ecosystem. The proposal received unanimous approval, backed by over 55 million DOT tokens. Optimistic Project Funding Polkadot aims to attract top developers by providing continuous and dynamic funding for their projects. This proposal allows projects to apply […]
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Polimec, a decentralized and community-driven funding parachain, has officially launched on Polkadot and is set to begin its first project evaluation, according to a May 20 statement shared with CryptoSlate. The platform evaluates Web3 projects for potential fundraising, aiming to bring transparency, accessibility, and regulatory compliance to the process. Polimec’s launch marks a new era […]
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US billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using the Decentralized Social Networking Protocol (DSNP) from Project Liberty. TikTok, boasting over 170 million users, is being pressured by the US government to sell due to national security concerns and purported links to the Chinese government. McCourt’s initiative, termed the […]
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Polkadot (DOT) has come under the spotlight with crypto analysts laying out bullish narratives for the crypto asset. One of them is crypto expert Michaël van de Poppe, who believes Polkadot could rise to as high as $25 in this bull run. Polkadot Could Reach $25 On Next Leg Up Michaël van de Poppe mentioned in an X (formerly Twitter) post that Polkadot’s next rally will see it climb between $20 and $25. He explained that the crypto token has seen a substantial correction in the past months, but it showed enough strength by coming back to pre-rally levels. The analyst further claimed that Polkadot has bottomed, “especially since JAM Whitepaper came out.” Related Reading: PEPE Whales Go On Massive 720B Shopping Spree Amid Campaign For New ATHs, Is It Time To Get In? As such, he believes that Polkadot is more than primed for this rally, which could propel it to such heights. The crypto analyst has been a big believer in Polkadot’s potential. He previously included Polkadot in a list of crypto tokens that he believes are undervalued. He claimed that DOT’s valuation was still at a cycle low, which had opened up a “huge opportunity” to invest in it. Van de Poppe is very much invested in Polkadot because of its technology. In a previous X post, he highlighted how the JAM (Join-Accumualte Machine) Paper, which ushered in Polkadot 2.0, would revolutionize DOT’s ecosystem. He also claimed that Polkadot is the “second largest blockchain in terms of developers and growth.” Therefore, he expects DOT’s price to complement the team’s efforts soon enough. Meanwhile, Van de Poppe expects Polkadot to reach as high as $20 in the third quarter of this year. For now, he believes that the $8 and $17 range are crucial resistance levels that the crypto token must break out of to enjoy such a parabolic rally. A More Bullish Prediction For DOT Crypto analyst Crypto Thanos offered a more bullish prediction for Polkadot, stating that the crypto token climbing above $50 is “easily achievable” in this bull run. He believes this price is attainable because he expects institutions to get interested in large caps like Polkadot. He also noted Polkadot’s collaboration with Tie, which aims to increase institutional exposure and access. It is worth noting that Polkadot’s all-time high (ATH) is currently $55, which makes Thanos’ prediction for the crypto token feasible. Crypto tokens are known to usually surpass their ATH in every bull run. Related Reading: Why Is This Crypto Pundit Warning XRP Investors To Be At Alert For The Next 3-12 Months Crypto analyst Captain Faibik provided insights into what to expect from Polkadot in the short term. He predicts the crypto token will record a 35% “bullish rally” soon enough. He said a “major trendline breakout/retest has already been confirmed” for DOT on the four-hour timeframe chart. At the time of writing, Polkadot is trading at around $7.11, up over 2% in the last 24 hours, according to data from CoinMarketCap. Chart from Tradingview.com
Polkadot blockchain activity has surged to record levels, with active addresses hitting all-time highs for two consecutive months. Data from DotLake indicates the network boasted around 650,000 active addresses on-chain as of the end of April. The growth continues the uptrend that saw the number of active blockchain addresses surpass its previous high of 605,000 […]
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The Polkadot community has approved a proposal to sponsor Inter Miami, the football club co-owned by David Beckham and featuring superstar Lionel Messi. The move could be a strategic decision to propel Polkadot, a smart contracts platform similar to Ethereum, into the global spotlight. Polkadot To Sponsor Inter Miami The proposal, approved by Polkadot’s Open Gov community, sought 968,000 DOT (roughly $6.5 million) to secure the sponsorship. Under the “sports sponsorship fund,” the goal was to partner with Inter Miami, a team described as one of the “world’s most engaging and followed sports teams.” Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price? While the goal is to “elevate” Polkadot’s global brand visibility, the plan is to develop other deeper integration, leveraging Inter Miami’s global fanbase. For instance, the team plans to enhance user experience through engaging non-fungible tokens (NFTs) and other gamified experiences deployed on Polkadot’s parachains. Additionally, the team plans to explore how Polkadot-based solutions can be implemented at Inter Miami, resulting in greater efficiency and improved fan engagement initiatives. While the potential deal’s specifics are confidential, the proposal emphasizes transparency. Accordingly, funds will be held in a multi-signature wallet, accessible only with community approval. Moreover, ORSEN SA, a Swiss sports marketing agency, will manage the partnership rights. Polkadot’s Plans to Scale As Polkadot enhances its global visibility, developers are also working on activating a key update: “Asynchronous Backing.” Last year, Sophia Gold, the Engineering Lead at Parity Technologies, said the technology would be a game changer. Asynchronous Backing will allow Polkadot to scale the number of Parachains from 100 to 1,000 by the end of the year. The network will boost its transaction processing capacity, with Polkadot supporting more “independent blockchains” via Parachains. Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade Furthermore, improvements via techniques like “pipelining” will permit multiple parachains to process data simultaneously, halving transaction confirmation times. Though Polkadot continues to enhance its network and strike more deals, DOT prices remain under pressure. At spot rates, DOT is down 40% from 2024 highs. While CoinMarketCap data shows that the coin has risen 14% in the last week, the failure of bulls to break above $7.5 is a concern. Technically, a high volume lifting the coin above this local liquidation level would pave the road for an expansion toward $9 and March 2024 high in the coming sessions. Feature image from Unsplash, chart from TradingView
Polkadot developer Kian Paimani has proposed a flexible inflation upgrade for the network to address the issues tied to the blockchain’s inflation logic. According to the proposal’s GitHub document, the Polkadot relay chain’s current state presents various challenges, including high inflation rates. These stem from outdated infrastructure and parachain slots’ ineffective influence on inflation. Additionally, […]
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According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses. DOT’s Market Cap Surges 16% QoQ During Q4 2023, Polkadot’s market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching $8.4 billion. Building on this momentum, Q1 2024 witnessed a further 16% QoQ rise, elevating the circulating market cap to $12.7 billion. Despite these gains, DOT’s market capitalization remains 80% below its all-time high of $55.5 billion, set on November 8, 2021. Related Reading: Friend.tech Token Launch Turns Into A Nightmare As Price Dives 98% In Q4 2023, Polkadot’s revenue also skyrocketed by 2,880% QoQ, amounting to $2.8 million. Per the report, this surge was primarily attributed to an exponential increase in extrinsics, driven by the Polkadot Inscriptions. However, revenue metrics for Q1 2024 declined significantly on a QoQ basis, with revenue in USD dropping by 91% to $241,000 and revenue in DOT decreasing by 92% to 28,800. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design. Polkadot’s XCM activity continued to show growth in Q1 2024. Daily XCM transfers surged by 89% QoQ to reach 2,700, while non-asset transfer use cases, known as “XCM other,” witnessed a 214% QoQ increase, averaging 185 daily transfers. The total number of daily XCM messages grew 94% QoQ to 2,800, demonstrating the network’s dynamic ecosystem. In addition, the number of active XCM channels grew 13% QoQ to a total of 230. Polkadot’s Parachain Network Soars To New Heights Q1 2024 marked a significant kick-off to the year for Polkadot’s parachains, with active addresses reaching an all-time high of 514,000, representing a substantial 48% QoQ growth. Moonbeam emerged as the leading parachain with 217,000 monthly active addresses, a solid 110% QoQ increase. Nodle followed closely with 54,000 monthly active addresses, doubling from the previous quarter. Astar on the other hand, experienced a modest 8% QoQ growth to reach 26,000 active addresses, while Bifrost Finance grew slightly by 2% QoQ to 10,000 addresses. However, Acala experienced a decline, with monthly active addresses falling to 13,000, down 16% QoQ. Notably, the Manta Network stood out among parachains in Q1 2024, with a significant surge in daily active addresses, reaching 15,000. According to Messari, this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, propelling Manta’s Total Value Locked (TVL) to over $440 million. Polkadot Price Sees Upside Potential Ahead In terms of price action, Polkadot’s native token DOT has regained bullish momentum following a sharp drop to the $5.8 price mark after reaching a yearly high of $11 on March 14. Currently, DOT has regained the $7.25 level, up 7% over the past week. However, DOT’s trading volume decreased slightly by 4.7% compared to the previous trading session, amounting to $320 million over the past 24 hours, according to CoinGecko data. Related Reading: Crypto Pundit Lists 4 Altcoins To Buy Once The Bitcoin Price Bottoms If the bullish momentum persists, Polkadot faces its first resistance at the $7.4 zone, which serves as the last threshold before a potential retest of the $8 resistance wall. On the other hand, the $6.4 support floor has proven to be successful after being tested for two consecutive days this week, highlighting its significance as a key level to watch for the token’s upward movement prospects. Featured image from Shuttestock, chart from TradingView.com
Kusama, Polkadot’s canary network, recently marked a significant milestone by selling its inaugural batch of Agile Coretime. Reports revealed that three cores were sold for a total of 70 KSM, worth approximately $1,980—each core was sold at an average price of 23.4 KSM, roughly $660. Coretime allows developers to buy up to 4 weeks or […]
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The crypto market started the new month of May in red, with Bitcoin’s price plunging to a two-month low of under $56,500. This decline extends the downtrend from April, marking Bitcoin’smost challengingt month since the November 2022 crash triggered by the collapse of the FTX exchange. Red market According to CryptoSlate’s data, Bitcoin’s price sank […]
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Polkadot (DOT) is showing bearish signs below the $8 resistance against the US Dollar. The price could extend its decline if it fails to stay above $6.00. DOT is gaining pace below the $8.80 and $8.00 levels against the US Dollar. The price is trading below the $7.20 zone and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair (data source from Kraken). The pair could continue to decline toward the $5.00 support zone. Polkadot Price Resumes Drop After a steady increase, DOT price faced resistance near the $7.60 zone. It formed a short-term top and started a fresh decline below the $7.00 level, like Ethereum and Bitcoin. There was a move below the $6.20 support zone. A low was formed near $6.03 and the price is now consolidating losses. It is slowly moving higher above the $6.35 level and the 23.6% Fib retracement level of the downward move from the $7.58 swing high to the $6.03 low. DOT is now trading below the $7.00 zone and the 100 simple moving average (4 hours). Immediate resistance is near the $6.50 level. There is also a key bearish trend line forming with resistance at $6.50 on the 4-hour chart of the DOT/USD pair. Source: DOTUSD on TradingView.com The next major resistance is near $7.00 or the 61.8% Fib retracement level of the downward move from the $7.58 swing high to the $6.03 low. A successful break above $7.00 could start another strong rally. In the stated case, the price could easily rally toward $8.20 in the near term. The next major resistance is seen near the $10.00 zone. More Downsides in DOT? If DOT price fails to start a fresh increase above $7.00, it could continue to move down. The first key support is near the $6.00 level. The next major support is near the $5.65 level, below which the price might decline to $5.00. Any more losses may perhaps open the doors for a move toward the $4.20 support zone or the trend line. Technical Indicators 4-Hours MACD – The MACD for DOT/USD is now losing momentum in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now below the 50 level. Major Support Levels – $6.00, $5.65 and $5.00. Major Resistance Levels – $6.50, $7.00, and $8.50.
Polkadot-related Peaq, a layer-1 blockchain network tailored for Decentralized Physical Infrastructure (DePIN) and Real-World Assets (RWAs), saw adoption from two major DePIN projects, MapMetrics and Natix Network, last week. MapMetrics migration On April 25, Web3 drive-to-earn platform MapMetrics revealed that it was migrating from the Solana blockchain to Peaq to enjoy the several features accessible […]
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Inflows into the Newborn Nine ETFs fell by more than 50% during the past week to $126 million from $254 million, according to CoinShares weekly report. Per the report, these reduced inflows contributed to the third consecutive week’s outflow of $435 million—the largest outflow since March—that major crypto-related investment products recorded during the week. Grayscale […]
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Polkadot’s governance is currently mulling over a proposal to activate SnowBridge, a cross-chain bridge designed to link the Polkadot blockchain with Ethereum. A cross-chain bridge essentially serves as a decentralized application (DApp), streamlining asset transfers between blockchains to enhance token utility by fostering cross-chain liquidity. Market observers have highlighted the significant role SnowBridge would play […]
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Polkadot parachains briefly stopped producing blocks on April 21 after the network’s runtime upgrade went live on its mainnet. Moonbeam, an Ethereum-compatible smart contract parachain, confirmed the incident, stating that its platform stopped producing blocks for approximately 1 hour. It added: “Moonbeam resumed block production at approximately 11:36 am UTC. At this time, the network […]
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The Polkadot community is exploring a substantial $8.8 million sponsorship opportunity with Lionel Messi’s Inter Miami Football Club. This move aims to capitalize on the football club’s extensive global reach and exposure while strategically showcasing the capabilities of the Polkadot ecosystem. Moreover, it represents the latest strategic effort by the Polkadot community toward elevating the […]
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Polkadot, a blockchain platform designed for interoperability between different blockchains, is experiencing a surge in new users, but a disconnect between user growth and network activity is raising questions about its long-term viability. Related Reading: Don’t Miss The Boat! Ethereum Whales Signal Bullish Run With $40 Million Bet Based on the latest figures, DOT tallied an all-time high in active wallets and unique accounts in March, surpassing 600,000 and 5.59 million, respectively. This suggests a growing interest in the platform, potentially driven by the thriving developer ecosystem on Polkadot’s parachains, specialized blockchains that connect to the main Polkadot chain. Moonbeam, a prominent parachain, played a particularly significant role, contributing the highest number of active addresses with nearly 250,000. Source: Data Polkadot Transactions Dip Despite Active User Growth However, despite the influx of new users, the number of transactions on the Polkadot network hasn’t kept pace. While there was a modest increase in transactions compared to February, the current volume remains significantly lower than the peak recorded in December. This inconsistency raises concerns about how actively users are engaging with the network. The possibility exists that users are holding or staking their DOT tokens instead of utilizing them for transactions on the platform. Total crypto market cap is currently at $2.5 trillion. Chart: TradingView Polkadot Price Seeks Stability After Recent Decline The price of Polkadot’s native token, DOT, seems to be finding support around $9. This could indicate a period of consolidation after a decline from its previous highs above $11. While a price increase is typically seen as a positive sign, it’s important to consider it alongside actual network usage. Source: Data Is Polkadot Building Without Using? The current situation with Polkadot presents a paradox. The platform is attracting new users, but they aren’t necessarily translating into active network participants. This could be due to several factors. Perhaps users are waiting for a specific application or service to be built on Polkadot before actively engaging. It’s also possible that technical limitations are hindering user activity. Related Reading: SUI Slips After Hitting All-Time High: TVL Tumbles 12% – Token Price In The Gutter? Further analysis is needed to understand the reasons behind the lagging transactions. Examining the types of transactions occurring on the network could provide valuable insights. For instance, an increase in governance-related transactions might suggest a more engaged user base, even if overall transaction volume remains low. Polkadot’s Future Hinges On Active Network Use While the growth in active wallets and accounts is a positive sign for Polkadot, it’s crucial to convert this interest into actual network usage. The success of Moonbeam demonstrates the potential for a vibrant developer ecosystem on Polkadot. However, broader adoption across various use cases is necessary for the platform to reach its full potential. Featured image from Pexels, chart from TradingView
Active addresses on Polkadot hit a new all-time high of 600,000, despite the community’s memecoin efforts failing to bring more attention to the protocol.
New Web3 game 'Forever Has Fallen' launches on Polkadot with an interactive metaverse and unique NFT ticketing system.
Bitcoin hit a new all-time high, but the failure to sustain the breakout suggests that bears remain active at higher levels.
The sharp recovery in Bitcoin and Ether shows that the bulls remain in control, and every dip is being viewed as a buying opportunity.
Bitcoin is trading sideways with a negative bias, increasing the possibility of a short-term correction that could pull altcoins lower.
Bulls failed to hold Bitcoin price above $52,000, possibly marking the start of a short-term trend change in BTC and altcoins.
Rising inflows into the spot Bitcoin ETFs have improved investors' sentiment toward the crypto market and could a factor in BTC price and altcoins moving higher.
Bitcoin’s price-bound price action could reach a breaking point if the sharp drop in U.S. regional bank stocks intensifies. How might altcoins react?
The Bitcoin ETFs generated strong volumes on Jan. 11, but that did not translate into higher prices in Bitcoin, indicating that the event was largely priced in.
Bitcoin’s sharp fall on Jan. 3 suggests that market participants are nervous ahead of the SEC's long-awaited decision on the spot Bitcoin ETF applications.